With effect from 4th May 2011,the interest rate applicable on Savings Bank Accounts is 4.00% per annum. The interest on Savings Bank Accounts will continue to be calculated on daily product basis in line with the guidelines issued by the Reserve Bank of India, instead of the earlier methodology of calculating Savings Bank interest on the least balance between the 10th and the end of the month.

The interest on Savings Bank Accounts will be paid at quarterly intervals i.e. on 31st March, 30th June, 30th September and 31st December every year.

Charge of Rs. 100 plus applicable Goods and Services Tax will be levied on every transaction involving conversion of INR to foreign currency or vice versa w.e.f. May 16, 2008.

Change in Goods and Services Tax levy (w.e.f. 1-07-2017):

On charges levied as per Schedule of Charges (SOC):

Effective 1st July, 2017, Government of India has implemented Goods and Services Tax (GST), hence all the existing Goods and Services Tax rate of 15% on applicable charges are replaced by 18%.

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